The A-54 well was drilled to a depth of 2865.1 metres with logs successfully identifying 9.14 metres of pay, the company stated on Wednesday.
The well has been cased and lined and a workover rig is currently being mobilised for its completion.
Production is expected to start in about four weeks, President said.
Meanwhile, at the company?s South American operations, a three-well fracture stimulation programme is expected to resume in Argentina shortly, following the end of the wet season.
President said the initial results from this programme were anticipated around the end of the first quarter, subject to weather.
In addition, more than 450 kilometres of line clearing have been completed in Paraguay, in preparation for a 780-square kilometre 3D and 100-kilometre 2D seismic survey.
The shoots are expected to begin by about the end of March and be completed in June, with initial results expected in the first part of the fourth quarter, according to President.
?President is confident that the 3D seismic programme will successfully enable us to high grade and more accurately assess the volumetrics of the first prospects for the drilling programme commencing in approximately 12 months,? the company said in a statement.
Source: http://www.upstreamonline.com/live/article1315416.ece
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